Changes to the U.K.’s Financial Ombudsman Service, which enables consumers to pursue financial services firms for compensation for unfair treatment, will place greater weight on firms’ compliance. The changes have been prompted in part by the scandal surrounding poor-value car loans provided via dealers.
The U.K. Treasury published the results of its consultation on reforming the Ombudsman service on March 16. On the same day, the financial regulator, the Financial Conduct Authority (FCA), published finalized guidance for regulated firms, which it says will modernize the system for obtaining redress.
